PRESS RELEASE: Fitch Cuts Kommunalkredit Austria Supplementary Cap Nts
Monday November 17th, 2008 / 18h40
Fitch Ratings-London-17 November 2008: Fitch Ratings has today downgraded Kommunalkredit Austria's (KA) two supplementary capital notes to 'CCC+' from 'A+' and removed them from Rating Watch Positive (RWP). This rating action follows KA's decision to defer coupon payments in 2009 following its recent announcement of an anticipated loss for the current financial year. A Recovery Rating 'RR2' is assigned, reflecting superior recovery prospects on these notes. KA announced on 6 November 2008 that it will defer coupon payments on all instruments where distribution is linked to the generation of an annual profit (Jahresuberschuss) including the above-mentioned two issues (ISIN codes XS0270579856 and XS0284217709). Both issues are cumulative and the four quarterly coupon payments to be deferred in 2009 will be paid in 2010 if the bank generates a profit (before movement in capital reserves) for the financial year 2009. KA is rated Long-term Issuer Default (IDR) A+' and Short-term IDR 'F1', both of which are on RWP. Its other ratings are Individual 'F' and Support '1'. Its Support Rating Floor 'A+' is also on RWP. Contact: Christian Kuendig, London, Tel: +44 (0) 20 7682 7541; Michael Steinbarth, +44 (0) 20 7682 7468. Media Relations: Hannah Warrington, London, Tel: +44 (0) 207 417 6298, Email: hannah.warrington@fitchratings.com. Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site. Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=CxbIWcpkX458Gn1gNjc7DQ%3D%3D. You can use this link on the day this article is published and the following day.
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